HYBRID CAPITAL ARRANGES $12 MILLION FINANCING
FOR AFFORDABLE HOUSING COMPLEX IN CAMDEN, NJ
Success Story in Challenging Camden Market
February 14, 2014 – New York – Hybrid Capital, a New York-based full-service commercial mortgage and advisory firm, arranged $12 million in permanent financing for Northgate Apartments, a 321-unit, 21-story affordable housing complex in Camden, New Jersey. The announcement was made by Bobby Bakhchi, CEO of Hybrid Capital.
According to Mr. Bakhchi, “Despite the challenging Camden market, which has been hampered by a high crime rate, we were able to attract interest from lenders based on the strong sponsorship, excellent cash flow, smart and efficient property management, and the quality of the 95% occupied property with excellent security and commanding views of Philadelphia.” The 10-year loan was arranged at a rate of 3.49%.
The property was purchased for $12 million in 2011 by the sponsor, Marc Wolfe. At the time of purchase the property was in poor condition with significant deferred maintenance, however since purchasing the asset, Mr. Wolfe has invested approximately $1 million in capital improvements, including 140 apartment renovations at approximately $5,000 per apartment, state of the art security system with cameras on every floor, new roof, new boiler, plumbing upgrades and repairs to all common areas.
Mr. Wolfe said, “Hybrid understood the asset, and created an environment that enabled us to achieve favorable rates and terms. Additionally, we are pleased with the timely and efficient closing process.”
Over the past three years, Hybrid Capital has arranged financing for properties valued in excess of $1.5 billion.
About Hybrid Capital
Hybrid Capital (Hybrid) is a full service commercial mortgage brokerage and real estate capital advisory firm representing clients nationwide in the course of acquisitions, recapitalizations and construction/development projects. The firm has a track record of success in securing financing for all property types including multifamily, retail, industrial, hotel and mixed-use properties.
Hybrid creates value for its clients by delivering optimal rates and terms for even the most complex transactions through a multi-disciplined, research-driven understanding of the asset, and a depth of relationships with the full spectrum of commercial real estate lenders, including domestic and foreign banks, investment banks, pension funds, REITs, insurance companies, opportunity funds, hedge funds, and private lenders. Hybrid is one of the fastest growing real estate capital advisory firms, providing service for debt and equity placements, mezzanine debt and preferred equity.